remortgage advice

droylsdenpete

hi,
money numpty here, i need to borrow £10,000 pounds for home improvements,would it be best for me to re-mortgage for the lot or use my overdraft as part ie £5,000mortgage&£5,000 of my overdraft. or can anybody tell me a better way,i am not in a very well paid job and i need to stick to a tight budget,i pay £230 a month now with hsbc for my morgage on £35,000 and i could probebly afford a extra £70-£80 per month, on any really good advice, sorry if i sound thick but when it comes to money matters i become numptified

herbiesjp

Hi there

Dont worry - that's why this board is here.

Anyway, due to regulations, as an adviser I cannot be specific as to rates etc. without first getting more details from a client.

Other things I would need to know would be income, house value, term left on mortgage.

However I have done a quick bit of research. Based on a 45k mortgage over 25 years on a repayment basis, you could be looking at paying £261.76 per month.

As you are on a tight budget I suspect you would not like the risk of interest rate fluctuation going against you and this figure is based on a fixed rate.

Sorry can't be more specific on the board - if you like send me a pm to discuss further.